London

JLL analyses the London housing market and looks at which boroughs will exceed an average house price of £500,000

2016-10-19T05:00:00Z

​19 October 2016 - JLL Residential Research Associate Director Nick Whitten said: “JLL forecasts that by the end of 2020 the average house price in two thirds of London’s 33 boroughs will be in excess of £500,000, up from 40% of boroughs currently. Tower Hamlets is expected to pass the £500,000 mark in 2018 meaning all of Inner London, with the exception of Newham will average above £500,000 within two years.

“Brent in the north west of the Capital is the next borough expected to pass the £500,000 average mark, doing so by the end of 2016. The neighbouring boroughs of Ealing and Harrow are expected to follow suit in 2017 and 2018 respectively. Kingston-upon-Thames, in the south west of London, is expected to pass £500,000 in 2017, while Bromley in the south east and Waltham Forest in the north east will do so in 2020.

“Outside of London, there are currently four boroughs where house prices average above £500,000. However a further 13 boroughs are expected to reach that level over the next five years – the majority of which are in the London commuter belt. This price growth is fuelled by an outmigration trend that is seeing buyers looking further afield from the centre of London in search of value.

“Affordability issues have seen first time buyer numbers plummet and nowhere has this been more acutely felt than in London. House price inflation has accelerated ahead of wages making buying in what was already the most expensive area of the UK even further from the reach of the aspiring home owner.”